second quarter of 2026
Filed Aug 4, 2026ASP Isotopes issued a shareholder letter ahead of its second-quarter 2026 financial-results announcement, highlighting PET Labs growth, planned helium production at Renergen, and expected initial stable-isotope shipments in 2H 2026.
The letter reports strong organic growth at PET Labs and outlines multiple commercial milestones for 2H 2026, but it does not provide second-quarter financial statements, reported consolidated revenue, profitability, cash flow, balance-sheet data, or actual Q2 results.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| PET Labs organic revenue growthother | over 50% | – | over 50% as compared to 1H 2025 |
| PET Labs FY 2025 revenuesother | $6 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| PET LabsThe group now has four radiopharmacies and delivered tens of thousands of doses of radiopharmaceuticals during 1H 2026. | $6 million | – | over 50% as compared to 1H 2025 |
FY 2026 and longer-term targets outlook
- Revenueapproximately $14 million
- NotePET Labs is on track to deliver FY 2026 revenues of approximately $14 million, up from $6 million in 2025.
- NotePET Labs is expected to deliver an annual $50-100m of EBITDA in 2031.
- NoteAnnualized forecasted helium and LNG revenues are expected to be approximately $27 million after the expected completion of Phase 1.
- NotePhase 1 is anticipated to reach a planned production capacity of 2,500GJ of LNG and 250kg of LHe per day.
- NoteThe Company expects to commence helium production at Renergen prior to September 30, 2026.
- NoteSilicon-28 and Ytterbium-176 enrichment facilities are expected to ship initial product during 2H 2026.
- NoteThe Company expects to receive sufficient quantities of C-14 feedstock during 2H 2026, which will allow for commercial enrichment of Carbon-14.
- NoteThe Company’s 2031 EBITDA target is greater than $300 million.
- NoteAlpa Theranostics is expected to advance its first clinical candidates into human clinical trials during the next 12 months.
What drove it
- PET Labs reported organic revenue growth of over 50% during 1H 2026 compared with 1H 2025.
- Renergen’s Virginia Gas Project has advanced across drilling execution, gas production and plant readiness since operations restarted in April 2025.
- The Ytterbium-176 facility recommenced enrichment during 1Q 2026 and has been successfully enriching Ytterbium-176 since.
- The Company entered into a multi-year take-or-pay contract with a Canadian customer for Carbon-14 supply.
- The Company is negotiating potential helium and hydrocarbon supply contracts with large global customers on 5-15 years take-or-pay arrangements.
- ASPI expects to initially own approximately 89% of the combined Renergen and ENDRA company after the anticipated private-placement financing and reverse-merger closing.
Concerns
- The filing does not include the promised second-quarter 2026 financial results.
- Stable-isotope commercialization was delayed by performance issues with certain equipment supplied by former OEM suppliers.
- The Ytterbium-176 facility is operating in three-hour enrichment campaigns approximately every two days while it awaits a continuous processing vessel.
- Commercial Carbon-14 enrichment depends on receipt of sufficient Carbon-14 feedstock from the Canadian customer during 2H 2026.
- Forward EBITDA targets are non-GAAP measures without reconciliations to net income or loss because future selling prices and production and extraction costs are unavailable without unreasonable effort.
What to watch
- Commencement of helium production at Renergen prior to September 30, 2026.
- Completion of Phase 1 at Renergen and progress toward approximately $27 million of annualized forecasted helium and LNG revenues.
- Initial Silicon-28 and Ytterbium-176 product shipments during 2H 2026.
- Delivery and implementation of the continuous processing vessel at the Ytterbium-176 facility.
- Receipt of Carbon-14 feedstock and commencement of commercial Carbon-14 enrichment during 2H 2026.
- Closing of the planned Noble Africa and ENDRA reverse merger and the resulting Nasdaq listing.
- The London Capital Markets Day on September 8, 2026.
Analysis
This Item 2.02 filing is a shareholder update issued before ASP Isotopes announces its second-quarter 2026 financial results, rather than a conventional earnings release with financial statements. The company therefore provides no reported Q2 consolidated revenue, gross profit, operating loss, net loss, EPS, cash flow, cash balance, debt balance, or period-end date. The central reported operating datapoint is PET Labs organic revenue growth of over 50% in 1H 2026 compared with 1H 2025.
PET Labs is the clearest current commercial contributor in the letter. Management says the group has four radiopharmacies and delivered tens of thousands of radiopharmaceutical doses in 1H 2026. The company forecasts FY 2026 PET Labs revenue of approximately $14 million, compared with $6 million in 2025. It also frames PET Labs as a major contributor to a longer-term annual $50-100m EBITDA ambition in 2031, although that measure is non-GAAP and is not reconciled to future net income or loss.
Renergen is the principal near-term production catalyst. ASP expects helium production to commence before September 30, 2026, and forecasts annualized helium and LNG revenue of approximately $27 million after completion of Phase 1. Management cites planned Phase 1 capacity of 2,500GJ of LNG and 250kg of LHe per day. The company is also negotiating potential 5-15 year take-or-pay supply arrangements, but the filing does not state that any of those prospective customer contracts have been executed.
The stable-isotope operations remain in a transition from development to commercial supply. The Ytterbium-176 facility restarted enrichment in 1Q 2026 after a 2H 2025 laser outage, but it currently operates in intermittent campaigns while awaiting a continuous processing vessel. Commercial Carbon-14 enrichment also relies on receiving sufficient customer feedstock during 2H 2026. ASP expects initial Silicon-28 and Ytterbium-176 shipments in 2H 2026, making execution on equipment upgrades, feedstock delivery, and shipment timing the decisive operational items.
Capital allocation and corporate structure are also material features of the update. The company expects Renergen to become Nasdaq-listed through the planned ENDRA reverse merger, with ASPI initially owning approximately 89% of the combined company after the expected financing. QLE continues to pursue a separate public listing, and management references a potential future tax-efficient distribution of QLE shares without providing a record date or commitment. Management reiterates a 2031 EBITDA target of greater than $300 million, but the letter supplies no quarterly financial evidence to assess progress toward that target.
Management, verbatim
All of our business units are making considerable progress, group revenues are increasing, and three of our business units appear at an inflection point and are expected to make substantial contributions to achieving profitability in the near term:
Paul Mann, Executive Chairman and Chief Executive Officer
While the delays in our stable isotope division have been frustrating, these delays are attributable primarily to performance issues with certain equipment provided by our former OEM suppliers, not performance issues with our ASP technology.
Paul Mann, Executive Chairman and Chief Executive Officer
The two divisions that represent the powerhouse of the Company responsible for the majority of our near to mid-term EBITDA targets, namely PET Labs and Renergen, are operating ahead of our internal expectations both in terms of timing and potential profitability, reinforcing our confidence in our 2031 EBITDA target of greater than $300 million.
Paul Mann, Executive Chairman and Chief Executive Officer
Not in the filing
stated, not guessed- Second-quarter 2026 period-end date
- Reported second-quarter 2026 consolidated revenue
- Reported second-quarter 2026 segment revenue
- GAAP gross profit and gross margin
- GAAP operating income or loss
- Non-GAAP operating income or loss
- GAAP net income or loss
- Non-GAAP net income or loss
- GAAP diluted EPS
- Non-GAAP diluted EPS
- Operating cash flow
- Free cash flow
- Cash and cash equivalents
- Debt
- Share repurchases
- Dividends
- Capital expenditures
- Formal Q3 2026 guidance
- Formal FY 2026 consolidated revenue guidance
- Gross-margin guidance
- Operating-expense guidance
- Tax-rate guidance
- Prior outlook for comparison
- Actual Q2 2026 results against prior guidance
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.